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U.S. Mortgage Rates Hit 5% for First Time Since Early 2011

  • Higher loan costs are pushing out buyers in cutthroat market
  • Housing demand may go ‘from sizzling to warm,’ analyst says
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The NYC Housing Market Is Booming, Freedman Says
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Mortgage rates in the U.S. surged, reaching 5% for the first time in more than a decade. 

The average for a 30-year loan jumped from 4.72% last week, Freddie Mac said in a statement Thursday. The last time rates hit 5% was in February 2011.